冲刺IPO！国产全磁悬浮人工心脏拟募资超10亿

Core Viewpoint - Tongxin Medical Technology Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, aiming to raise 1.064 billion yuan primarily for global clinical trials of its implantable left ventricular assist system (LVAS), next-generation product development, production base construction, and working capital [2]. Company Overview - Established in 2008, Tongxin Medical focuses exclusively on ventricular assist devices (VAD), commonly referred to as "artificial hearts," which are considered "crown-level products" in high-end medical devices due to their complex integration of various engineering disciplines [2][3]. - The company has chosen a long-term investment strategy in a single technology line, resulting in a development pace characterized by long R&D cycles, slow commercialization, and high validation costs [2]. Product Development - The core product is the fully magnetic levitation implantable LVAS, which provides continuous circulatory support for end-stage heart failure patients. Its design minimizes mechanical contact, reducing blood shear damage and thrombus formation risks [5]. - The product received approval from the National Medical Products Administration in November 2021, marking a significant transition from engineering prototypes to clinical products [5]. Fundraising Allocation - The IPO proceeds of 1.064 billion yuan will be allocated primarily to core product initiatives, with 695 million yuan designated for global clinical trials and registration of the BrioVAD project [7][9]. - Additional funds will support next-generation LVAS development (190 million yuan), production base construction (130 million yuan), and working capital (50 million yuan) [9]. Financial Performance - Tongxin Medical is currently in a loss-making phase, with revenues increasing from 8.61 million yuan in 2022 to 77.35 million yuan in 2024, while net losses have also escalated [10][12]. - The company’s financial structure reflects a common pattern in the artificial heart sector, where high upfront costs for R&D and clinical trials precede commercialization [12]. Governance Structure - The company is controlled by its founder, Chen Chen, who holds approximately 30.95% of the voting rights, significantly influencing strategic planning and technological direction [13][15]. - The shareholder structure includes long-term institutional investors, providing a supportive capital foundation for future development [15]. Conclusion - The IPO represents a transition for Tongxin Medical from domestic breakthroughs to global validation, with future success hinging on the completion of high-quality global clinical trials and the demonstration of the safety and stability of its technology [16].